Mike Sicard, USI's chairman, president and CEO, said: “This is an exciting time in our history and we are thrilled to be welcoming such an experienced group of talented insurance professionals to the USI family."
Valhalla, N.Y. (PRWEB) November 03, 2014
USI Insurance Services (“USI”) announced today the completion of the acquisition of seven retail insurance brokerage locations from Willis North America Inc. (“Willis”), part of Willis Group Holdings (NYSE:WSH). This acquisition further strengthens USI’s presence as one of the leading middle market insurance brokerage and consulting firms in the country, and complements the Company’s full suite of property-casualty, employee benefits, personal lines, retirement and specialty offerings. Terms of the transaction were not disclosed.
Commenting on the acquisition, Michael J. Sicard, USI’s chairman, president and CEO, said: “This is an exciting time in our history and we are thrilled to be welcoming such an experienced group of talented insurance professionals to the USI family. These seven locations are in new markets for us – locations where USI is looking to invest and grow. From a single location 20 years ago to more than 140 offices across the United States today, USI is focused on delivering a compelling and unique offering to our clients and associates as we build USI into the premier middle market insurance brokerage and consulting firm in the United States.”
Under the agreement, USI acquired the following locations: Wilmington, Delaware; Vero Beach, Florida; Savannah, Georgia; Moline, Illinois; Wichita, Kansas; and Cheyenne and Mills, Wyoming.
With more than 4,200 dedicated, experienced and innovative professionals connected across over 140 offices throughout the United States, USI is a leader in insurance brokerage and consulting in property-casualty, employee benefits, personal lines, retirement, program and specialty solutions. With approximately $1.0 billion in annualized revenue, USI is the 3rd largest privately held insurance broker(1), the 4th largest privately held commercial lines broker in the United States(2), and the 13th largest insurance brokerage firm in the world(3). USI is also the 2nd largest privately held personal lines broker in the United States(2) and the 7th largest benefits broker ranked by global benefits revenue(4). USI has been recognized for its innovation by Information Week 500 the last three years and Best’s Review January 2014 Innovation Showcase. Additional information about USI may be found at http://www.usi.biz.
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 18,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world’s leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, http://www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.
1 Business Insurance Largest Privately Owned Brokers, July 21, 2014
2 Insurance Journal’s 2013 Top 50 Privately Held Personal Lines (excludes non standard auto brokers-aggregators) and Insurance Journal’s 2014 Privately Held Commercial Lines Leader Ranking
3 Best's Review's Leader Issue July 2014, Top Global Insurance Brokers Ranking
4 Business Insurance Largest Benefits Brokers, July 21, 2014